South Korean July exports and imports both slump more than expected | Forexlive

Trade data (preliminary) from South Korea for July 2023.

Exports -16.5% y/y, biggest drop in 3 years

• tenth consecutive month of decline
• exports of semiconductors, South Korea’s key export item, fell 34% due to falling demand and a drop in chip prices
• expected -15.0%, prior -6.0%

Imports -25.4% y/y

• expected -25.0%, prior -11.7%

Trade balance is a surplus of 1.63bn USD

• expected 2.53bn USD, prior 1.13bn USD